crude prices stable, Eying for new clues. 09-11-2023

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Brent oil futures prices for Jan delivery moving 53 cents or 0.67% up to $80.07 a barrel while WTI oil Dec futures are trading 44 cents or 0.6% up to $75.77 a barrel on Thursday morning at the time of reporting. Both the benchmarks settled below 3% yesterday. Brent premium over WTI unchanged at $4.21 a barrel during yesterday’s session.

The world crude oil price index curves moving up, clawing back some of previous session’s losses. Bears fest continued since last week on gloomy economic outlook and demand fears across the market. API report of more than expected build in U.S stocks compounded the prevailing bearish sentiment. EIA confirmation is awaited. Markets shrugged off China’s numbers and looking for new clues.

Markets fundamentals seems to be not supporting crude complex despite of Major producers, KSA and Russia announcement of further tightening spigots till the Dec month end. China’s weak numbers and Europe’s stumbling economy that may pinch fuel demand spilled over crude markets.

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